500 Patacas Year of the Rat

Issued under Macao's lunar new year bullion program, which has run continuously since the 1990s and draws heavily from the territory's dual Portuguese-Chinese administrative identity even after the 1999 handover to China. The 2020 Rat issue marks the first year of the new 60-year sexagenary cycle — a calendrical reset that occurs only once in a generation and carries outsized cultural significance in Chinese numismatic collecting.